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Italy's Saipem reports 22% rise in Q4 adjusted core earnings

Published by Global Banking & Finance Review

Posted on February 24, 2026

1 min read

· Last updated: February 24, 2026

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Saipem’s Q4 Adjusted Core Earnings Climb 22%, Eyes €1.9B in 2026

2026 Adjusted Earnings Outlook (~€1.9B)

Saipem Q4 2025 Results and 2026 Outlook

MILAN, Feb 24 (Reuters) - Italian energy contractor Saipem said on Tuesday it expected its adjusted core earnings to rise to roughly 1.9 billion euros ($2.2 billion) this year, from 1.72 billion euros in 2025.

Merger Agreement with Subsea 7

Adjusted Core Profit Up 22% Year-on-Year

The Milan-based group, which last year signed an agreement to merge with its rival Subsea 7, said its adjusted core profit in the fourth quarter of 2025 rose nearly 22% year-on-year.

EBITDA Beats LSEG Consensus (€515m vs €482m)

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 515 million euros, beating an analyst consensus of 482 million euros compiled by LSEG.

Exchange Rate Used: $1 = €0.8488

($1 = 0.8488 euros)

Reporting and Editing Credits

(Reporting by Francesca Landini, editing by Alvise Armellini)

Key Takeaways

  • Q4 2025 adjusted EBITDA rose ~22% to €515m, topping the €482m LSEG consensus.
  • Saipem guides roughly €1.9bn adjusted core earnings for 2026, up from €1.72bn in 2025.
  • The company signed a merger agreement with Subsea 7 in 2025; integration work continues.
  • Beat driven by resilient project execution in energy services and offshore E&C.
  • Article cites FX of $1 = €0.8488 for context.

References

Frequently Asked Questions

What is the main topic?
Saipem reported a 22% year-on-year increase in Q4 2025 adjusted EBITDA to €515 million, beating analyst expectations, and issued stronger guidance for 2026.
How did results compare with forecasts?
Adjusted EBITDA reached €515 million, ahead of the €482 million analyst consensus compiled by LSEG, indicating a stronger-than-expected quarter.
What guidance did Saipem provide?
The company expects adjusted core earnings of roughly €1.9 billion in 2026, up from €1.72 billion in 2025, reflecting confidence in its project pipeline.

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